Altius Renewable Royalties Reports Q1 2024 Financial Results
All currency references in USD unless otherwise indicated
ST. JOHN’S,
The Corporation's 50% owned Great Bay Renewables ("GBR") joint venture recorded
Selected financial information for the Corporation is included in the table below:
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Three Months ended |
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Revenue per consolidated financial statements |
$ |
1,087,000 |
|
$ |
558,000 |
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Net loss |
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(240,000 |
) |
|
(106,000 |
) |
Total assets |
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218,915,000 |
|
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202,004,000 |
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Total liabilities |
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10,370,000 |
|
|
6,301,000 |
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|
|
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Non-GAAP financial measures(1) |
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|
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Proportionate revenue (1) |
$ |
3,563,000 |
|
$ |
1,554,000 |
|
Adjusted EBITDA (1) |
|
2,513,000 |
|
|
569,000 |
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Adjusted operating cash flow(1) |
|
637,000 |
|
|
19,000 |
|
For the quarter ended
Included in the GBR joint venture's first quarter revenue is
During the quarter Hexagon sold a 138 MWac solar energy project in
The Corporation’s current quarter results reflect the proportionate share of increased revenues at GBR offset by the proportionate share of increased costs including GBR’s non-cash share of loss in equity investments
During the quarter ended
GBR also entered into an interconnection (IC) support facility with Hexagon during the quarter, where GBR is providing financing for the refundable portion of interconnection deposits to support the further development of specific renewable energy projects that are also subject to its royalty funding agreement with Hexagon.
For 2024, GBR is maintaining the previously provided annual revenue guidance range of
At
Commenting on the quarter,
Non-GAAP Financial Measures
- Management uses the following non-GAAP financial measures: proportionate royalty and other revenue (“proportionate revenue”), adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) and adjusted operating cash flow. Management uses these measures to monitor the financial performance of the Corporation and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business which are held primarily in jointly controlled entities. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A.
Conference Call Details
A conference call and webcast will be held on
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EVENT |
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DIAL IN |
(+1) 289 514 5100 OR (+1) 800 717 1738 |
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WEBCAST |
About ARR
ARRis a renewable energy royalty company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. ARR has 35 renewable energy royalties representing approximately 2.4 GW of renewable power on operating projects and an additional approximate 5.8 GW on projects in construction and development phase, across several regional power pools in the
Forward-looking information
This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and ARR provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although ARR believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. ARR does not undertake to update any forward-looking information contained herein except in accordance with securities regulation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502669813/en/
Email: Flora@arr.energy
Tel: +1.877.576.2209
Direct: +1.416.346.9020
Email: Ben@arr.energy
Tel: +1.877.576.2209
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